1913 Super Petchili Uncanceled Gold Bond with Pass-Co Authentication - Chinese Republic 20 Pound 5% Lung-Tsing-U-Hai Railway
Inv# FB5128 Bond
Government of the Chinese Republic, 5% GOLD LOAN OF 1913 LUNG-TSING-U-HAI RAILWAY of £10,000,000 Sterling BOND FOR £20 denomination with Pass-Co Authentication. Article relating to this Chinese item: https://www.bloomberg.com/news/articles/2019-08-29/trump-s-new-trade-war-weapon-might-just-be-antique-china-debt
LUNG TSING U HAI RAILWAY BOND. Titles & Text: Repeated in French & English. Printer: J. Verschueren, Anvers, Belgium. Size: Large Format, 11x20" plus 10x20" Coupon at right. Also called the Belgian Lanshow Railway Loan. Authorized £10,000,000. Offered by the Banque Belge at Fr 461.40 for each Fr 500 or £20 Bond in Brussels & Paris on behalf of the Co. Gen. Chemins de Fer et de Tramways en Chine. For the construction & equipment of a main line (1125 miles) between Lanchow (on the West) & Haichow on the sea (north of the Yantze), utilizing the Pienlo Railway. Number of coupons will vary from 42 or so. Known as the "Super Petchili". Construction for this railway was from Lanzhou to Lianyungang.
Following the collapse of dynastic rule, the newly established Government of the Chinese Republic sought to tap into international capital markets by issuing the 5% Gold Loan of 1913 Lung-Tsing-U-Hai Railway. This ambitious infrastructure project aimed to fund the construction and equipment of a massive 1,125-mile main line railway connecting Lanzhou in the west to Haichow on the eastern coast. Authorized for a total sum of £10,000,000 Sterling, the bonds were approved by the Chinese National Assembly of 1912 and issued as a direct sovereign obligation. These securities were offered on behalf of the Compagnie Générale de Chemins de Fer et de Tramways en Chine through European banking institutions like the Banque Belge.
The individual certificates were uniquely structured as Bonds for £20 denomination, equivalent to 500 Francs and payable in gold along with accrued interest. Printed in Anvers, Belgium, by J. Verschueren, these documents featured dual-language text in French and English, presented in an elegant large-format layout flanked by an expansive grid of interest coupons.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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